Foreclosures Up 39 Percent in 1Q

MSNBC ^ | 5/21/2006 | Liz Flaisig

[ex-Texan]

NORTHEAST FLORIDA -- The rise in foreclosures that analysts predicted would follow an easing in lending restrictions, low interest rates and creative mortgage products has emerged in metropolitan Jacksonville.

Recently released data from California-based RealtyTrac Inc. showed the five-county metro area experienced a 39 percent increase in foreclosures over last year's first quarter, or 3,579 foreclosures for the first three months of this year compared with 2,570 for the same period in 2005.

The increase was just above the national foreclosure increase of 38 percent for the first quarter, which RealtyTrac analysts said could mean foreclosures going above 1.2 million in the United States this year.

[stylin19a]

I can see the arms with a teaser rate.
But a standard 3/1; 5/1 or 7/1 ARM was\is a decent deal and lookin better today, with fixed rates climbing.

[stylin19a]

That stinks. I was hacked off at a 300 per year raise in taxes.
Good luck...

[narby]

Thanks for the ping on this ex-T.

But I don't have my camera cable so I can't post all those pictures I shot today of blocks of houses *not* for sale.

You'll have to wait till this weekend and launch another doom-and-gloom thread.

Have a nice day.

[A.P.M.]

Good for y'all! :) I like to say that my family and I have everything we need--and a few of the things we want! We've got two boys to raise (and put through college), so we're really trying to instill a strong work ethic and a common sense approach to financial responsibility in them. Lots of kids these days are growing up thinking money grows on trees, and that they're entitled to every new gadget that comes out. Sadly, a lot of them are learning that from their parents. In that regard, purchasing an over-priced home that you'll never put a dent in (financially) or that you'll not be able to sell later is just par for the course. There's a difference between real prosperity and simply putting out the appearance of having accomplished it.

[papertyger]

I was in Jacksonville just last week...why AHYONE would choose to live there is beyond me!

Because I live in a 1.5 million dollar home that only cost $300,000 ;o)

[Johnny Crab]

Buddy of mine is sold his house after 3 years for 30k profit. He had to sell because they increased his property taxes to almost 4k a year. I will probably be in the same boat within a few years if they keep raising property taxes. For 2006, my payments jumped from $973 to $1103 a month. That's nearly half my check. If it goes up anymore I'll be forced to sell.

South Florida is doing the same thing to anyone who re-fi's or "trades up". Why trade up if your taxes will double or triple?

I'm in Texas boonies where the locals have about doubled the so-called value of just my land in the last 4 years.

[Liberty Valance]

...all is well - and all will be well - in the garden

[narby]

BOSTON (MarketWatch) -- Shares of home builders were buoyed Wednesday during a volatile session after a Commerce Department report that new-home sales jumped a better-than expected 4.9% in April from the previous month's revised amount.

[narby]

ping #68 for you

[narby]

Toll Brothers home builders up %2.41 on the NYSE

[narby]

Meritage Homes up 4.01%

[narby]

Ryland Homes up a measly %1.08

[narby]

Centex Homes up %1.6

[narby]

Dow Jones Home construction index up %.97

[narby]

[Things are so horrible in the new home market.]

The number of new homes on the market rose 2.4% in April to 565,000 units, representing a 5.8-month supply at the current sales pace. This is down from a 6.0-month supply in March. [translation, there are more homes on the market, but even more were sold]

The median price of a new home rose 2.8% in April to $238,500 compared with the previous month. Median prices are up just 0.9% in the past year.

"The fact that inventories are rising and so are prices suggests that home builders are continuing to see demand," said Drew Matus, economist at Lehman Brothers.

[That's worth repeating.]

"The fact that inventories are rising and so are prices suggests that home builders are continuing to see demand,"

Stronger growth could force the Fed to continue to hike interest rates, despite the desire from some Fed officials to pause and allow the economic outlook to become clearer.

[Oh no! We're doooooommmmed. There's too much growth, and the Fed will have to cool down the economy. Oh NO!]

[narby]

NEW YORK (MarketWatch) -- The dollar strengthened across the board Wednesday as investors shrugged off a weaker reading on durable-goods orders and instead focused on stronger-than-expected housing data.

[narby]

Sales of existing homes in Charlotte area grew 13 percent in April, according to the N.C. Association of Realtors.

[Recovering Hermit]

Is anything cheap in Southern California?

I mean, besides the landscapers, produce pickers, and other jobs Americans won't do?

[Nowhere Man]

ping

[narby]

High-rise projects send central Phoenix soaring

For the first time since the early 1990s, the center city of Phoenix is sprouting cranes, a steel signal that private capital is finally coming back.